Petrol and diesel prices remained unchanged on August 10, 2023, for the 81st consecutive day. The prices have been on a freeze since May 22, 2023, after the government cut excise duty on petrol by ₹8 per litre and diesel by ₹6 per litre.
Here are the latest petrol and diesel prices in major cities:
| City | Petrol (₹/litre) | Diesel (₹/litre) |
|---|---|---|
| New Delhi | 96.72 | 89.62 |
| Mumbai | 106.31 | 94.27 |
| Kolkata | 106.03 | 92.76 |
| Chennai | 102.74 | 94.46 |
| Bengaluru | 101.94 | 87.89 |
| Hyderabad | 103.05 | 90.34 |
| Gurugram | 97.04 | 88.39 |
| Lucknow | 96.43 | 88.98 |
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The prices of petrol and diesel are volatile and are subject to change on a daily basis. You can check the latest prices in your city on the websites of Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL).
The freeze in petrol and diesel prices has come as a relief to consumers, but it has also put a strain on the finances of oil marketing companies. These companies are reportedly incurring losses of ₹13.08 per litre on petrol and ₹24.09 per litre on diesel.
The government is likely to review the excise duty cuts in the coming months, depending on the trend in global crude oil prices.
If crude oil prices continue to remain high, the government may have to increase excise duty to protect the finances of oil marketing companies.